Yuga Labs, the developer behind the exceptionally Bored Apes Yacht Club (BAYC) NFT series, has refreshed its offerings in the digital collectibles space. The platform, on Wednesday, March 1, announced the launch of its next NFT series titled ‘TwelveFold'. While the date of the launch of TwelveFold has not been disclosed, it is expected to be dropped for sale sometime this week. Yuga Labs will inform the NFT community about the exact time and date only 24 hours prior to this launch.
This series is being launched as a limited-edition collection. A total of 300 generative pieces have been included as part of this series TwelveFold.
“These pieces represent a complete art project and will not have other utility or interact with or be related to any previous, ongoing, or future Ethereum-based Yuga projects,” the official webpage for TwelveFold noted.
An art team used 3D modelling and algorithmic construction to generate these digital artifacts in-house for Yuga Labs.
A glimpse of these NFTs were posted by Yuga Labs on Twitter.
Introducing TwelveFold. A limited edition collection of 300 generative pieces, inscribed on satoshis on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4
— Yuga Labs (@yugalabs) February 27, 2023
The NFTs of this series are built under the ‘Ordinals' category of NFT designing. When an NFT is inscribed on one Satoshi unit of the Bitcoin blockchain, it gets classified as an Ordinal NFT.
Satoshi, named after Bitcoin's anonymous creator, is the smallest denomination of Bitcoin. As per Crypto.com, one Satoshi token is trading at $0.0002347 (roughly Rs. 0.019).
In 2021, when Bitcoin completed its Taproot upgrade, it added programmability to the blockchain's Satoshi units.
NFTs that fall under the Ordinals category are individually called ‘digital artifacts'.
As per Dune Analytics, over 200,000 Ordinals have already been generated on Bitcoin's Satoshi unit.
The pieces of this series will be sold in an auction.
Last year, the NFT market witnessed a sharp decline. As per a Bloomberg report, the sales of NFTs recorded a 16-month low in December last year, sliding down by 97 percent.
Starting this January, however, the sales of the NFTs spiked significantly. Between January 1 and January 21, over 320,580 people reportedly purchased digital collectibles.
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